Forthcoming Articles

Choosing Investment Managers

Amit Goyal, Sunil Wahal, and M. Deniz Yavuz ♦ Investment managers connected to plan sponsors are more likely to be hired than not-connected managers. The magnitude of the selection effect is comparable to that of prior performance. Ex post, connections…

Revisiting Family Firms

Gianpaolo Parise ♦ I propose a novel measure to identify family firms based on the number of family links between high-ranking co-workers. Leveraging this measure, I reexamine previous findings in the literature and derive four novel facts: (i) Measures of…

Innovation Under Ambiguity and Risk

Gabriela Coiculescu, Yehuda Izhakian, and S. Abraham Ravid ♦ We view innovation investments as real options and explore the implications of risk (volatility) as well as a newly defined outcome-independent measure of ambiguity—Knightian uncertainty—for innovation decisions. The empirical analysis uses…